Aval Looks at Bond Market

Colombia’s Grupo Aval preparing to issue $1bn in the international bond market, according to Moody’s and Fitch, who assign respective Baa3 and BBB minus ratings to the proposed issuance. The bond is expected with a tenor of up to 10 years, and is heard coming as soon as this week. The holdco for financial institutions including Banco de Bogota is raising funds to bolster investments and for general corporate purposes. Aval debuted the international bond market in January, pricing a $600m 5.25% 2017 at a 5.375% yield, through JPMorgan and Goldman Sachs.